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Cannabis Summary for Jan. 30, 2020

2020-01-30 20:13 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index dropped 2.62 points to 205.65 Thursday, while the Canadian Securities Exchange Composite Index gained 2.86 points to 424.17. Mota Ventures Corp. (MOTA) fell four cents to 57 cents on 928,800 shares after reporting that its recent acquisition, First Class CBD, had $2.1-million (U.S.) of revenue from Jan. 1 to Jan. 27. Mota closed the $32-million (U.S.) acquisition of First Class two weeks ago.

First Class produces a variety of CBD products, ranging from oil drops to gummies to pain relief cream to skin serum. CBD can be derived from either marijuana or hemp. (Hemp comes from the cannabis plant, but is differentiated from marijuana in that it has 0.3 per cent or less THC. THC is the part of the cannabis plant that gets you "high.") First Class derives its CBD from hemp grown in the United States, which is where it currently sells the CBD products. The company will try to get its products into the European market this year as well.

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